(Quebec) Hydro-Québec’s 100 billion investment plan to double its production capacity will be expensive, admits Energy Minister Pierre Fitzgibbon. Two solutions are available to him: make businesses and businesses pay, or reduce the profits paid to the government. He does not want to increase residential rates.
“Either we will look to the commercial and industrial sectors, or there will be fewer profits at Hydro-Québec. The decision has not yet been made,” Mr. Fitzgibbon said on Thursday in the National Assembly.
He was reacting to the unveiling of the game plan of the new CEO of Hydro-Québec, Michael Sabia, which provides for the construction of new hydroelectric power stations, including a pumped reserve power station, and the addition of 5,000 kilometers of transmission lines.
The bill will be steep: Hydro-Québec’s annual investments are currently 4 billion. They will triple to reach between 12 and 16 billion by 2035.
“We have to look at public finances. Hydro-Québec can borrow. There are different sources of money, we will look in the coming years at how we will do that,” said Mr. Fitzigbbon.
What is certain is that the Legault government does not intend to turn to residential customers to get involved. François Legault pledged to “never” raise electricity rates beyond inflation or a 3% ceiling. A bill must also be tabled on this subject.
“The 3% is a regulation until 2025. Mr. Legault was very clear: we must leave it at 3%,” said Mr. Fitzgibbon.